The State Bank of Pakistan has the tradition of organizing a
prestigious series of Zahid Husain Memorial lectures. These
lectures are humble tribute to Mr. Zahid Husain - the first
Governor of the State Bank of Pakistan (SBP) - whose illustrious
span at SBP is spread over a period of five years, starting
from June 1948 to July 1953.
Mr. Zahid Husain was a legendary personality of a very high
caliber and repute which is evident from his record of serving
at the highest levels. To mention a few, he started with the
noble job of teaching at Aligarh University, before passing
the Competitive Examination of Finance Department and joining
the Government Service of undivided India. After partition,
he was assigned the responsibility of serving as the first High
Commissioner of Pakistan to India. He also served as the Chairman
of Taxation Inquiry Committee as well as Chairman of the Planning
Board, thereby authoring the Five-Year Development Plan of the
country. Above all, he spearheaded the Central Bank of Pakistan
through its infancy stage which was not an easy task by any
means. On the one hand, he was to deal with the challenge of
establishing a safe-and-sound financial system while, on the
other, he was to cope with the daunting task of meeting the
huge requirements of economy that was already in the midst of
passing through precarious conditions after independence. Although
this appeared to be something like an insurmountable one, however,
it was the commendable talent, perfect determination, and the
relentless efforts of Mr. Zahid Husain which made it possible
to achieve this uphill task.
In recognition of the meritorious services rendered by him for
the nation, it was decided on occasion of the Silver Jubilee
of State Bank of Pakistan in 1973, to institute a series of
lectures and to name the series after Mr. Zahid Husain. Under
the program, eminent economists of international repute are
invited to deliver lectures on the topical significance. Starting
in 1975, so far 16 lectures have been organized; the latest
one in the year 2009 wherein Porf. Paul Levine, University of
Surrey, England, shared his thoughts with the audience on the
subject of “Monetary Policy in an Uncertain World: Probability
Models and the Design of Robust Monetary Rules”.
16th
Lecture by Dr. Paul Levine